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Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019
Cash flows from operating activities: |  |  |
Net income | $ 23,280,000 | $ 14,943,000 | $ 12,009,000
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 1,293,000 | 266,000 | 367,000
Investment (gains)/losses | (4,710,000) | 1,414,000 | (1,087,000)
Non-voting profits interest in EAM Trust | (2,131,000) | (1,166,000) | (1,049,000)
Non-voting revenues interest in EAM Trust | (15,190,000) | (11,184,000) | (8,260,000)
Revenues distribution received from EAM Trust | 13,907,000 | 10,588,000 | 8,027,000
Profits distributions received from EAM Trust | 1,602,000 | 1,222,000 | 945,000
Deferred rent | (962,000) | 99,000 | (89,000)
Deferred income taxes | 543,000 | 154,000 | 740,000
Other, net |  |  | (55,000)
Changes in operating assets and liabilities: |  |  |
Unearned revenue | 350,000 | (745,000) | (42,000)
Accounts payable & accrued expenses | 21,000 | (12,000) | 142,000
Accrued salaries | 18,000 | (66,000) | (176,000)
Accrued taxes on income | (1,487,000) | 898,000 | 339,000
Prepaid and refundable income taxes | (616,000) | 254,000 | 203,000
Prepaid expenses and other current assets | 39,000 | 14,000 | (65,000)
Accounts receivable | 453,000 | (2,934,000) | (455,000)
Total adjustments | (6,870,000) | (1,198,000) | (515,000)
Net cash provided by operating activities | 16,410,000 | 13,745,000 | 11,494,000
Cash flows from investing activities: |  |  |
Proceeds from sales of equity securities | 8,212,000 | 4,387,000 |
Purchases of equity securities | (12,958,000) | (9,302,000) | (156,000)
Proceeds from sales of Fixed Income securities | 14,902,000 | 8,663,000 | 8,346,000
Purchases of Fixed Income securities | (2,597,000) | (12,403,000) | (11,040,000)
Acquisition of property and equipment | (33,000) | (2,000) | (11,000)
Expenditures for capitalized software | (145,000) |  | (111,000)
Net cash provided by/(used in) investing activities | 7,381,000 | (8,657,000) | (2,972,000)
Cash flows from financing activities: |  |  |
Purchase of treasury stock at cost | (1,526,000) | (1,214,000) | (608,000)
Proceeds from SBA loan |  | 2,331,000 |
Receivable from clearing broker | 608,000 | (608,000) |
Payable to clearing broker | (588,000) | 588,000 |
Dividends paid | (8,068,000) | (7,724,000) | (7,362,000)
Net cash used in financing activities | (9,574,000) | (6,627,000) | (7,970,000)
Net change in cash and cash equivalents | 14,217,000 | (1,539,000) | 552,000
Cash, cash equivalents and restricted cash at beginning of year | 5,423,000 | 6,962,000 | 6,410,000
Cash, cash equivalents and restricted cash at end of year | $ 19,640,000 | $ 5,423,000 | $ 6,962,000

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